Former MPC members talk up 2014 rate rise chances

Three former members of the Bank of England's rate-setting Monetary Policy Committee (MPC) have suggested interest rates could rise sooner than expected.

Though the base rate has been at a historical low of 0.5% for several years, many experts have forecast there will not be a rise until at least next year, and possibly towards the back end of 2015.  But former members Sir John Gieve, Andrew Sentance and Dame DeAnn Julius all suggested a rise could be made sooner, according to a report in the Financial Times. Speaking at a briefing hosted by Fathom Economics, Gieve, a former Bank deputy governor, said there was "a good chance" rates would rise this year. "These are emergency rates of monetary policy," he said. "We should be expectin...